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The old credit card act allowed individuals below twenty-one years old to obtain a card of their own and on their own. But with the Disclosure Act of 2009, it has been made harder for students and individuals under twenty-one years old to apply for one. Since the old act allowed credit card companies to design their own rules and criteria on lending, there was a huge market of credit cards to college students. That was before.
With the new act, a student applying for a credit card should prove that they have source of income or have a parent or any person with an impressive credit reputation be a co-signer.
A cosigner could be someone who is not in any way related to you. Once you've luckily convinced a co-signer, explain to him the consequences of being one. Of course it is not enough that you tell your co-signer that he will take the responsibility in case you are at default but there should always be an assurance that you'll make the payment on time and will not default.
Your local bank and credit unions could be the best places to find for a student credit card. When you decide to do your research online, then go to sites which can provide you computation tables from several credit card providers. Opt to a card which can cater your needs as a student.
During the process of application, it is important that your co-signer is with you. Background check will be done so both party's presence is important. When credit check is done then there would be a result in just few minutes or several business days.
Once you've gotten your very first student credit card, you should take good care of your score. This could be your passport in getting regular cards for yourself in the future. As a cardholder with a co-signer, one should always remind herself the value of control and responsibility. Being able to find a co-signer is a clear sign of their trust in you so never break it, besides, it is all for your benefit.
It is not too easy to start all over again when your credit becomes bad. So as much as possible, use your credit card wisely and spend only within your resources. Once you've proven your creditworthiness, you'll find it very easy applying for future credit cards, loans or mortgages.
